ONGC Current Affairs - 2019

Category Wise PDF Compilations available at This Link

Government forms Rajiv Kumar Committee to look at selling of OIL, ONGC fields to private companies

Union Government has constituted six-member committee to look at selling as many as 149 small and marginal oil and gas fields of state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) to private and foreign companies to boost domestic output.

The committee will be headed by NITI Aayog Vice Chairman Rajiv Kumar and includes Cabinet Secretary P K Sinha, Oil Secretary M M Kutty, Economic Affairs Secretary Subhash Chandra Garg, NITI Aayog CEO Amitabh Kant and ONGC Chairman and Managing Director Shashi Shanker as members.

Background

Constitution of this committee is follow up of October 2018meeting called by Prime Minister Narendra Modi to review domestic production profile of oil and gas and the roadmap for cutting import dependence by 10% by 2022. In this meeting, Union Oil Ministry had made presentation showing that 149 smaller fields of ONGC, OIL and other explorers accounted for just 5% of domestic crude oil production. It was suggested at the meeting that these smaller fields could be given out to private and foreign firms, so that ONGC could concentrate on big ones where it could rope in technology partners through production enhancement contracts (PEC) or technical service arrangements. This was mainly large ONGC fields as contribute to 95% of its production and leave out the rest for private firms.

Month: Categories: Business, Economy & Banking

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ONGC discovers oil, gas reserves in Madhya Pradesh, West Bengal

State-owned Oil and Natural Gas Corp (ONGC) has made oil and gas discoveries in Madhya Pradesh and West Bengal that may potentially open up two new sedimentary basins in country. They are category-III basins, having hydrocarbon and are considered geologically prospective for exploration.

Key Facts

Madhya Pradesh: The gas deposits were discovered in block in Vindhyan basin. This find is at 3,000-plus meters deep and is being now tested. Four wells drilled after discovery and now hydro-frack will be undertaken to test commerciality of this field.

West Bengal: Oil and gas was discovered in well in Ashok Nagar of 24 Parganas district. Around one lakh cubic meters per day of gas has flowed from one object that was tested.

Background

India has 26 sedimentary basins, of which only seven category-I basins have commercial production of oil and gas. Except for Assam shelf, ONGC opened up all the other six basins, including Cambay, Mumbai Offshore, Rajasthan, Krishna Godavari, Cauvery, and Assam-Arakan Fold Belt for commercial production. The seventh basin was opened way back in 1985. It is in the process of adding eighth basin by putting Kutch offshore discovery (it holds about one trillion cubic feet of gas reserves) to production.

26 sedimentary basins (category wise)

Category-I basins: Cambay, Mumbai Offshore, Rajasthan, Krishna Godavari, Cauvery, Assam Shelf and Assam-Arakan Fold Belt. They have been established for commercial production.

Category-II basins: Kutch, Mahanadi-NEC (North East Coast), Andaman-Nicobar, Kerala-Konkan-Lakshadweep. They are known for accumulation of hydrocarbons but no commercial production has been achieved so far.

Category-III basins: Himalayan Foreland Basin, Ganga Basin, Vindhyan basin, Saurashtra Basin, Kerela Konkan Basin, Bengal Basin. They having hydrocarbon and are considered geologically prospective.

Category-IV basins: Karewa, Spiti-Zanskar, Satpura–South Rewa–Damodar, Chhattisgarh, Narmada, Deccan Syneclise, Bhima-Kaladgi, Bastar, Pranhita Godavari and Cuddapah. They have uncertain potential which may be prospective by analogy with similar basins in the world.

Month: Categories: Business, Economy & Banking

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